If you are living with overwhelming debt, it certainly affects your financial decisions. It may limit what purchases you can make, and missing payments could impact your credit score.
But it is important to remember that debt goes beyond just a financial issue. There is evidence that overwhelming debt can have a very real impact on a person’s health. In this sense, declaring bankruptcy to eliminate debt and create a fresh start for a positive financial future could be an important step to take from a health and wellness perspective.
Depression and anxiety
Some reports note that depression and anxiety are more common in those struggling with overwhelming debt. This can cause you to feel constantly on edge, which may affect your personal relationships. You may be more likely to experience conflicts with your spouse or struggle with raising your children, for instance.
Additionally, these issues can lead to poor sleep quality, frequent headaches, lack of focus and more symptoms. When stress and tension begin to disrupt your sleep cycle, it can make you more susceptible to illnesses and other ailments. The overall quality of your life may decline, and there can even be emotional or cognitive effects. Many of these symptoms compound, making the situation much worse than if you were not dealing with debt in the first place.
If you are worried about the impact that debt is having on your life, you may be interested in learning more about bankruptcy and your other legal options. Be sure you know what steps to take to address your financial situation in 2025.
